Morning Commentary: Charter Communications firms; investment-grade credit spreads open flat

By Cristal Cody

Tupelo, Miss., July 13 – Charter Communications Inc.’s senior secured notes (Ba1/BBB-), which were brought in a $15.5 billion six-part offering to fund its acquisition of Time Warner Cable Inc., remained tight in secondary trading, according to a market source.

Time Warner Cable’s bonds were seen mostly softer in the secondary market, a source said.

The Markit CDX North American Investment Grade series 23 index was unchanged early Monday at a spread of 69 bps; it had closed 3 bps tighter on Friday.

Charter tightens

Charter Communications’ 4.908% notes due 2025 traded about 1 bp better from Friday at 250 bps offered, according to a market source.

The notes priced in a $4.5 billion offering on Thursday at Treasuries plus 260 bps.

Charter Communications’ 6.484% notes due 2045 were quoted at 328 bps offered in secondary trading. The company sold $3.5 billion of the 30-year bonds on Thursday at Treasuries plus 335 bps.

The provider of cable, internet and phone services is based in Stamford, Conn.

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